TIAA-CREF Social Choice International Equity Fund. Fund Performance Highlights. Positioning. Investment Product Commentary

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1 Investment Product Commentary For the quarter ended September 30, 2017 Fund Performance Highlights In the third quarter of 2017, the TIAA-CREF Social Choice International Equity Fund slightly underperformed its benchmark, the MSCI EAFE Index. The Fund s lower return was primarily due to the effect of expenses and fair value adjustments. 1 Amid signs of improving global growth, foreign-developed equity markets, as measured by the Fund s MSCI benchmark, gained 5.40% in U.S. dollar terms for the quarter, exceeding the 4.48% return of the U.S. market, represented by the S&P 500 Index. In the Eurozone, stocks rose notably (+7.99%) in dollars, aided by the euro s rise. In Asia, Japan s moderate recovery remained on track, bolstering the Nikkei 225 Index (+2.01%). Because some stocks that are included in the MSCI EAFE Index are not part of the Fund s eligible investment universe, the Fund s strategy uses quantitative modeling and other techniques to match, as closely as practicable, the risk characteristics of the index. As a result, some individual securities in the eligible universe may be either overweighted or underweighted relative to the benchmark. The exclusion of certain stocks based on the Fund s environmental, social, or governance (ESG) criteria produced varying effects on the Fund s performance versus its benchmark during the quarter. Not holding oil company Royal Dutch Shell or automobile manufacturer Toyota both of which outperformed the overall benchmark hindered relative performance. An overweight in Finnish pharmaceutical company Orion also hurt. Partly offsetting the negative effects of these positions were positive contributions from not owning Swiss food and beverage conglomerate Nestlé, British American Tobacco, and Israel-based Teva Pharmaceutical Industries. On a sector basis, Consumer Discretionary, Utilities, and Energy were the largest detractors for the quarter, while Financials, Consumer Staples, and Information Technology contributed the most. Positioning The TIAA-CREF Social Choice International Equity Fund uses a quantitative approach to attempt to replicate, to the extent possible given the eligible universe, the risk characteristics of its benchmark, the MSCI EAFE Index a broad measure of developed international equity markets whose composition is not subject to the ESG criteria that apply to the Fund. All companies must meet minimum ESG performance standards to be eligible for inclusion in the Fund. The evaluation process favors companies with leadership in ESG performance relative to their peers. Typically, environmental assessment categories include climate change, natural resource use, waste management, and environmental opportunities. Social evaluation categories include human capital, product safety, and social opportunities. Governance assessment categories include corporate governance, business ethics, and government and public policy. The establishment of the eligible investment universe also incorporates an evaluation of certain controversial business activities as well as controversies related to the environment, society and governance practices. How well companies adhere to international norms and principles and involvement in major ESG controversies (examples of which may relate to the environment, customers, human rights and community, labor rights and supply chain, and governance) are considerations. The Fund s holdings will consist of a subset of the eligible investment universe, as the Fund is not required to invest in all companies that meet the ESG criteria. 1 The Fund s return may sometimes diverge from the return of its benchmark index more than would be expected. This may be the result of a fair-value pricing adjustment. Many foreign exchanges close before the Fund s daily unit value is calculated (generally 4 p.m. (ET)). In the intervening hours, the value of foreign securities can change, and these changes are not reflected immediately in the Fund s benchmark index. They may, however, be reflected in the calculation of the Fund s unit value for that day. The sectors referenced in the relative performance commentary above are based on the Global Industry Classification Standard (GICS ). The Global Industry Classification Standard (GICS) was developed by MSCI, a premier independent provider of global indexes and benchmark-related products and services, and Standard & Poor s (S&P), an independent international financial data and investment services company and a leading provider of global equity indexes.

2 Investment Product Commentary For the quarter ended September 30, 2017 Average Annual Returns 2 Ticker Expense Ratio (gross/net) Inception Latest Quarter 1 Year 3 Year 5 Year 10 Year Social Choice International Equity Fund Institutional Class TSONX 1.35%/0.40% 8/7/ % 18.44% N/A N/A N/A 6.28% Social Choice International Equity Fund Retirement Class TSOEX 1.61%/0.65% 8/7/ % 18.15% N/A N/A N/A 6.02% Social Choice International Equity Fund Retail Class TSORX 1.66%/0.72% 8/7/ % 18.17% N/A N/A N/A 5.94% Social Choice International Equity Fund Premier Class TSOPX 1.52%/0.55% 8/7/ % 18.28% N/A N/A N/A 6.14% Social Choice International Equity Fund Advisor Class TSOHX 1.43%/0.48% 12/4/ % 18.41% N/A N/A N/A 6.27% MSCI EAFE Index 5.40% 19.10% N/A N/A N/A N/A Since Inception Security Selection Effects on Fund Performance Top Contributing Securities Nestle S.A. British American Tobacco PLC Teva Pharmaceutical Industries Limited Top Detracting Securities Royal Dutch Shell PLC Toyota Motor Corp. Orion Oyj Sector Effects on Fund Performance Top Contributing Sectors Financials Consumer Staples Information Technology Top Detracting Sectors Consumer Discretionary Utilities Energy Consumer Staples Health Care Consumer Discretionary Energy Industrials Information Technology Materials Financials Telecommunications Services Utilities Contribution Detraction Top 10 Holdings Issuer Novartis AG 1.60% Roche Holding AG 1.52% Total SA 1.16% Siemens AG 1.04% SAP AG 1.03% Commonwealth Bank of Australia 1.02% Allianz AG 1.00% GlaxoSmithKline PLC 0.97% BASF SE 0.95% Novo Nordisk AS 0.89% 2 The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your mutual fund shares. Returns assume reinvestment of dividends and capital gains. For current performance information, including performance to the most recent month-end, please visit TIAA.org, or call Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund s investment objectives will be achieved. The Fund will include only holdings deemed consistent with the applicable Environmental Social Governance (ESG) guidelines. As a result, the universe of investments available to the Fund will be more limited than other funds that do not apply such guidelines. ESG criteria risk is the risk that because the Fund s ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that don t use these criteria. Prices of equity securities may decline significantly over short or extended periods of time. Holdings selected by quantitative analysis may perform differently from the market as a whole based on the factors used in the analysis, the weighting of each factor, and how the factors have changed over time. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management, issuer, large-cap, and mid-cap risks, are described in detail in the Fund s prospectus. The inception date for the Advisor class is December 4, Performance shown prior to the inception of the share class is based on the performance of the Fund s Institutional class which began operations on August 7, Performance has not been restated to reflect the higher expenses of the respective share classes. If the expense differential had been reflected, performance for these periods would have been lower. A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ( capped ), currently or in the past, returns would have been lower. Expense Cap Expiration Date: February 28, Please see the prospectus for details. Top ten holdings are subject to change and may not be representative of the fund s current or future investments. The holdings listed only include the fund s long-term investments. Money market instruments and/or futures contracts, and index products used for cash management or to provide temporary exposure to a particular stock or country, is applicable, are excluded. The holdings may not include the fund s entire investment portfolio and should not be considered a recommendation to buy or sell a particular security. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call or go to TIAA.org for a current prospectus that contains this and other information. Please read the prospectus carefully before investing. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor s objectives and circumstances and in consultation with his or her advisors. Nuveen, LLC, formerly known as TIAA Global Asset Management, delivers the expertise of TIAA Investments and its independent investment affiliates. Nuveen Securities, LLC, member FINRA and SIPC, is a subsidiary of Nuveen, LLC INV-Q-02/18 MQU-CSIE-0917P _ (10/17)

3 Advisor Class (TSOHX) As of 09/30/17 Portfolio Strategies The Fund seeks a favorable long-term total return that reflects the investment performance of the overall international equity markets while giving special consideration to certain environmental, social and governance ("ESG") criteria. The Fund's evaluation process favors companies with leadership in ESG performance relative to their peers. Performance Total Return Average Annual Total Return 1 Fund Name QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr SI TIAA-CREF Social Choice International Equity Fund 5.24% 20.39% 18.41% % MSCI EAFE Index 5.40% 19.96% 19.10% % Morningstar Peer Group: Foreign Large Blend Median Quartile 5.55% 20.63% 18.43% Percentile Rank Number of Funds in Peer Group Calendar Year Performance TIAA-CREF Social Choice International Equity Fund 1.00% MSCI EAFE Index 1.00% Descriptive Information Ticker TSOHX CUSIP 87245R326 Share Class Advisor Class Portfolio Inception Date 08/07/2015 Fund Inception Date - Share Class 12/04/2015 Net Expense Ratio 0.48% Revenue Share - Portfolio Net $42.80 million Turnover (As of 10/31/16) 13.0% Manager Name Team Managed Manager Tenure 2.15 years Up Down Market Chart N/A Data not available Portfolio Characteristics As of 09/30/17 Fund Benchmark # Holdings Market Cap - $ - Weighted Median $29.96 $38.09 P/E Ratio (1 Yr Forecast) Price/Book Price/Sales ROE (1 Yr Average) The fund's Institutional Class began operations on August 7, Performance shown for the Since Inception period and prior to the inception of the Advisor Class is based on the performance of the fund's Institutional Class. Performance has not been restated to reflect the higher expenses of the Advisor Class. If the expense differential had been reflected, performance for these periods would have been lower. For Institutional Investor use only. Not for use with or distribution to the public.

4 Advisor Class (TSOHX) As of 09/30/17 Style Map Data not available N/A Top 10 Holdings As of 09/30/17 Novartis AG 1.60% Roche Holding AG 1.52% TOTAL SA 1.16% Siemens AG 1.04% SAP SE 1.03% Commonwealth Bank of Australia 1.02% Allianz SE 1.00% GlaxoSmithKline PLC 0.97% BASF SE 0.95% Novo Nordisk A 0.89% Total 11.18% Peer Group Scattergram Data not available N/A Historical Statistics 10/01/14 09/30/17 Standard Sharpe Tracking Return Deviation Ratio Alpha Beta R 2 Error IR MSCI EAFE Index 5.04% Peer Group Median 5.05% Risk Statistics are calculated using a category benchmark and may not be the same as the benchmark index shown. Growth of $10,000 12/04/15 09/30/17 $13,000 $12,000 $11,000 $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 12/15 11/16 9/17 TIAA-CREF Social Choice International Equity Fund $11,982 MSCI EAFE Index $12,016 The total returns are not adjusted to reflect sales charges, the effects of taxation or redemption fees, but are adjusted to reflect actual ongoing expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs. Sector Allocation As of 07/31/17 Fund Benchmark Difference Financial Services 23.20% 21.87% 1.33% Industrials 12.36% 13.10% -0.74% Basic Materials 11.00% 8.39% 2.61% Consumer Cyclical 10.80% 11.37% -0.57% Healthcare 10.10% 10.15% -0.05% Consumer Defensive 9.27% 11.61% -2.34% Technology 7.21% 7.02% 0.19% Communication Services 4.78% 4.57% 0.21% Utilities 3.95% 3.38% 0.57% Real Estate 3.79% 3.68% 0.11% Energy 3.53% 4.85% -1.32% 3 yr Rolling Under/Over Performance N/A Data not available Market Cap Breakdown As of 09/30/17 Fund Benchmark Difference Over $50 Billion 31.46% 41.38% -9.92% $15 Billion - $50 Billion $2 Billion - $15 Billion 44.59% 35.65% 8.94% 23.95% 22.95% 1.00% $300 Million - $2 Billion 0.00% 0.02% -0.02% Under $300 Million 0.00% 0.00% 0.00% Current Asset Allocation As of 09/30/17 International Equity 99.14% Short-Term Investments, Other & Liabilities, Net 0.86% Market Classification As of 09/30/17 Fund Benchmark Difference Developed 99.14% % -0.86% Short Term Investments, Other & Liabilities, Net 0.86% 0.00% 0.86% Regional Allocation As of 09/30/17 Europe, Middle East & Africa 64.21% Asia/Pacific 34.90% Short-Term, Other and Liabilities 0.89% Top 5 Countries As of 09/30/17 Japan 22.72% United Kingdom 16.71% France 10.62% Germany 9.46% Switzerland 8.04% 2017 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY For Institutional Investor use only. Not for use with or distribution to the public. 2 Rev 2 10/18/2017 7:01:15 PM-INT

5 Disclosures As of 09/30/2017 Investment Performance The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units or shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For current performance information, including performance to the most recent month-end, please visit TIAA.org or call Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance results would have been lower. Since Inception performance shown is cumulative when there is less than one year of performance history. A Note About Risks Equity mutual funds that invest in foreign securities may be subject to foreign investment risk, which is the risk that securities of foreign issuers may lose value because of erratic market conditions, economic and political instability or fluctuations in currency exchange rates. These risks may be magnified in emerging markets, where investments may be less liquid than those issued in more developed countries. Foreign investors in these markets may be subject to special restrictions which could have an adverse impact on performance. Mutual funds that invest in real estate securities are subject to various risks, including fluctuation in property values, higher expenses or lower income than expected, and potential environmental problems and liability. More detailed information on risks applicable to a particular investment option can be found in the prospectus or other product literature. Morningstar Disclosures Category: The Morningstar Category classifies a fund based on its investment style as measured by underlying portfolio holdings (portfolio statistics and compositions over the past three years). If the fund is new and has no portfolio, Morningstar estimates where it will fall before assigning a more permanent category. When necessary, Morningstar may change a category assignment based on current information. Percentile Ranks: The ranking is based on the fund's total-return percentile rank relative to all funds that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. Morningstar total return includes both income and capital gains or losses. Ratings: The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The Morningstar Rating or star rating is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. The rating is calculated based on a Morningstar Risk- Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The weights are: 100% three-year rating for months of total returns, 60% five-year rating/40% three-year rating for months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Where applicable, ratings are based on linked performance that considers the differences in expense ratios. The Morningstar Rating is for individual share classes only. Other classes may have different performance characteristics. Ratings and Rankings Annuities: Morningstar, Inc. rates and ranks U.S. variable annuities' underlying funds within their open-end mutual funds universe and includes the effect of fees and expenses charged by U.S. variable annuities in their comparisons. Data Sources Unless otherwise noted, nonproprietary fund data and performance, performance data for benchmarks presented with nonproprietary funds, Morningstar category performance, fund and benchmark risk statistics (excluding tracking error and information ratio), peer group, ratings and rankings data is provided by Morningstar, Inc Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Neither TIAA nor its affiliates has independently verified the accuracy or completeness of this information. All other data provided by Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA-CREF). Benchmark performance shown across proprietary and nonproprietary funds/accounts is provided by TIAA-CREF with the exception of Since Inception periods calculated using a nonproprietary fund s inception date. TIAA-CREF reserves the rights to all proprietary data herein, and is not responsible for any damages or losses arising from any use of this information.

6 Disclosures As of 09/30/2017 Methodology 3 Yr Rolling Under/Over Performance: This chart illustrates the over- or underperformance of the fund expressed as an annualized average return for prior three years ending in the listed year vs. the benchmark return over that same time period. Growth of $10,000: The total returns are not adjusted to reflect sales charges, the effects of taxation or redemption fees, but are adjusted to reflect actual ongoing expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs. Peer Group Scattergram: This chart compares the fund's risk (as measured by its standard deviation) and return to a peer group of funds that invests in a similar manner based on market capitalization, industry, sector, and/or region vs. the fund's benchmark risk and return as well as the median risk and return of the peer group. Style Map: This chart illustrates two parameters the fund's investment manager may use in selecting portfolio securities. For equity funds, the fund manager may make selection decisions based on company size as determined by market capitalization and the value or growth characteristics of the securities selected for the portfolio. For fixed-income funds, the fund manager may make selection decisions based on average maturity and credit quality of selected securities. The style history represents how the fund manager's security selections have varied over time. Top 10 Holdings: The top 10 holdings are subject to change and may not be representative of the fund's current or future investments. The holdings listed only include the fund's long-term investments and may exclude any temporary cash investments and equity index products. Top holdings by issuer (for other than Fixed Income) includes the underlying ordinary shares combined with any depositary receipts, preferred shares, contract for differences (CFDs), rights, options and warrants as applicable. The holdings listed should not be considered a recommendation to buy or sell a particular security. Turnover Rates: The portfolio turnover rate shown for CREF Bond Account, CREF Social Choice Account, TIAA-CREF Bond Fund, TIAA-CREF Bond Plus Fund, TIAA Access Account - TIAA-CREF Bond Fund and TIAA Access Account - TIAA-CREF Bond Plus Fund is inflated due to the inclusion of mortgage dollar roll transactions. Please consult the most current prospectus for more information. Turnover is calculated by dividing the lesser of purchases or sales by the average value of portfolio assets during a period. Turnover is based on the portfolio's fiscal year end and is not annualized if the reporting period covers less than 12 months. If a turnover rate is not shown, it typically indicates a newly operational fund that has not yet been required to report turnover in its regulatory filings or, more rarely, the turnover rate was 0.00%. Up/Down Market Chart: This chart illustrates the fund's over- or underperformance compared to its benchmark during periods of market strength vs. periods of market weakness. The fund's monthly average return is compared to a benchmark average return in the months during which the benchmark average return was positive vs. the months during which its benchmark average return was negative. Definitions Manager Name is the name of the individual identified in the prospectus as having direct responsibility for managing the portfolio. The term Team Managed is used when more than one person has responsibility for managing the portfolio. Manager Tenure represents the number of years the Manager has managed the portfolio. Team Managed portfolios show the tenure of the Manager who has been on the portfolio's management team the longest. Redemption Fees: Fund performance does not reflect the reduction of any applicable redemption fees and, if redemption fees had been reflected, returns would be lower. Revenue Share: Based on service agreements with fund companies, TIAA-CREF is paid revenue from mutual funds that are offered through the TIAA-CREF platform. The revenue share represents a portion of the Net Annual Fund Operating Expenses. The amount is deducted based on average monthly fund balances or quarterly depending on the fund company not from plan assets or participant account balances. Portfolio Net : (a fund's assets less liabilities) represents the total net assets of a mutual fund. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call for a paper copy of the prospectus that contains this and other information. Please read the prospectus carefully before investing. This material is for informational or educational purposes only and does not constitute a recommendation or investment advice in connection with a distribution, transfer or rollover, a purchase or sale of securities or other investment property, or the management of securities or other investments, including the development of an investment strategy or retention of an investment manager or advisor. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made in consultation with an investor s personal advisor based on the investor s own objectives and circumstances. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY For Institutional Investor use only. Not for use with or distribution to the public Rev 1 10/19/2017 2:03:23 PM-EQ

7 QTD Attribution Report As of 09/30/2017 Performance Attribution TC Social Choice International Equity Fund vs. MSCI EAFE 06/30/2017 to 09/30/2017 U.S. Dollar Return (%) Weight (%) Attribution (BP) Sector Port. Bench. Relative Port. Avg Port. Final Bench. Final Allocation Selection Total Consumer Discretionary Consumer Staples Energy Financials Futures Health Care Industrials Information Technology Materials Real Estate Telecommunication Services Unclassified Utilities [Cash] Total Please refer to Important Information at the end of the report Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

8 QTD Attribution Report As of 09/30/2017 Performance Attribution TC Social Choice International Equity Fund vs. MSCI EAFE 06/30/2017 to 09/30/2017 U.S. Dollar Return USD (%) Return Local (%) Weight (%) Attribution (BP) Country Port. Bench. Port. Bench. Port. Avg Port. Final Bench. Final Allocation (Local) Selection (Local) Currency Total Australia Austria Belgium Denmark Finland France Germany Hong Kong Ireland Israel Italy Japan Netherlands New Zealand Norway Portugal Singapore Spain Sweden Switzerland United Kingdom United States [Cash] Total Please refer to Important Information at the end of the report Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

9 YTD Attribution Report As of 09/30/2017 Performance Attribution TC Social Choice International Equity Fund vs. MSCI EAFE 12/31/2016 to 09/30/2017 U.S. Dollar Return (%) Weight (%) Attribution (BP) Sector Port. Bench. Relative Port. Avg Port. Final Bench. Final Allocation Selection Total Consumer Discretionary Consumer Staples Energy Financials Futures Health Care Industrials Information Technology Materials Real Estate Telecommunication Services Unclassified Utilities [Cash] Total Please refer to Important Information at the end of the report Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

10 YTD Attribution Report As of 09/30/2017 Performance Attribution TC Social Choice International Equity Fund vs. MSCI EAFE 12/31/2016 to 09/30/2017 U.S. Dollar Return USD (%) Return Local (%) Weight (%) Attribution (BP) Country Port. Bench. Port. Bench. Port. Avg Port. Final Bench. Final Allocation (Local) Selection (Local) Currency Total Australia Austria Belgium Denmark Finland France Germany Hong Kong Ireland Israel Italy Japan Netherlands New Zealand Norway Portugal Singapore Spain Sweden Switzerland United Kingdom United States [Cash] Total Please refer to Important Information at the end of the report Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

11 1 YR Attribution Report As of 09/30/2017 Performance Attribution TC Social Choice International Equity Fund vs. MSCI EAFE 09/30/2016 to 09/30/2017 U.S. Dollar Return (%) Weight (%) Attribution (BP) Sector Port. Bench. Relative Port. Avg Port. Final Bench. Final Allocation Selection Total Consumer Discretionary Consumer Staples Energy Financials Futures Health Care Industrials Information Technology Materials Real Estate Telecommunication Services Unclassified Utilities [Cash] Total Please refer to Important Information at the end of the report Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

12 1 YR Attribution Report As of 09/30/2017 Performance Attribution TC Social Choice International Equity Fund vs. MSCI EAFE 09/30/2016 to 09/30/2017 U.S. Dollar Return USD (%) Return Local (%) Weight (%) Attribution (BP) Country Port. Bench. Port. Bench. Port. Avg Port. Final Bench. Final Allocation (Local) Selection (Local) Currency Total Australia Austria Belgium Denmark Finland France Germany Hong Kong Ireland Israel Italy Japan Netherlands New Zealand Norway Portugal Singapore Spain Sweden Switzerland United Kingdom United States [Cash] Total Please refer to Important Information at the end of the report Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

13 Attribution Report As of 09/30/2017 Important Information Results do not include intra-day trading activity or fees and expenses, so the actual results may vary. Calculations are produced from FactSet Portfolio Analytics. For lifestyle funds, the annual expense charge may include fees for the lifestyle fund and fees for the underlying funds; in general, lifestyle funds indirectly bear their pro rata share of the fees and expenses incurred by the underlying funds. This report does not present Fund performance, but the attribution of performance by sector and/or country. For performance information, please refer to the corresponding Fact Sheet. This information should not be considered as a recommendation to purchase or sell a particular security and these weightings, returns, sectors, country and security selections may change at any time and may not represent the current or future weightings, returns, sectors, country or security selections. Investment products, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call or go to tiaa.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. About the Benchmark The MSCI EAFE (Europe, Australasia, Far East) Index measures the performance of the leading stocks in approximately 20 developed markets countries excluding US and Canada, as listed on their website. The returns noted above include the calculation of reinvested net dividends. You cannot invest directly in any index. Index returns do not reflect a deduction for fees or expenses. The Fund s return may sometimes diverge from the return of its benchmark index more than would be expected. This may be a result of a fair-value pricing adjustment. Many foreign exchanges close before the Fund s net asset value (NAV) is calculated (generally 4 p.m. ET). In the intervening hours, the value of foreign securities can change, and these changes are not reflected immediately in the Fund s benchmark index. They may, however, be taken into account in that day s NAV to reflect the value of the Fund s holdings at the time the NAV is calculated. Definitions Average Weight is the dollar value (price multiplied by shares held) of the security or group, divided by the total dollar value of the entire portfolio displayed as a percentage. It is calculated as the simple arithmetic average of daily values. Portfolio Return is the price change of a security or group including dividends accrued over the report period which includes only the time period that each security was invested in the portfolio. Allocation Effect is the portion of portfolio excess return that is attributable to taking different group bets from the benchmark. If either the portfolio or the benchmark has no position in a given group, allocation effect is the lone effect. A group's allocation effect is equal to the percent capitalization of the portfolio's group less the percent capitalization of the benchmar's group multiplied by the total return of the benchmark group, less the total return of the benchmark. Selection Effect is the portion of portfolio excess return attributable to choosing different securities within groups from the benchmark. A group's security selection effect is the weight of the benchmark's group multiplied by the total return of the portfolio's group, less the total return of the benchmark's group. Currency Effect is the portion of total effect which explains the impact of the portfolio manager's currency management decisions. A currency effect can be thought of as either the sum of a currency allocation effect and a currency selection effect, or as the difference between the total effect and the total effect in local currency. Total Effect is the sum of Allocation Effect and Selection Effect. The total effect represents the opportunity cost of transactions in a group relative to the overall portfolio, not merely the difference between percent contribution in the portfolio and the benchmark. At the overall portfolio level, the two numbers are equal. At the group level, these numbers can be different. Option-Adjusted Duration is an estimate of the effect of a change in prevailing interest rates to the value of a bond portfolio. This calculation takes into account options embedded in the individual securities that could result in early repayment of principal, thereby shortening their duration. The longer the portfolio duration, the more sensitive it is to changes in interest rates. Average Maturity refers to the average time to maturity (the date a principal amount of a security becomes due or payable) of all the debt securities held in a portfolio. A relatively short average maturity results in smaller price fluctuations in response to changes in market rates of interest. A short average maturity subjects the owner of a debt portfolio to the risk that maturing debt will be replaced with debt carrying a lower interest rate Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY C12965

14 Attribution Report As of 09/30/2017 A Note About Risks Mutual Funds share the risks associated with the types of securities in which they directly or indirectly invest. An investment in a mutual fund may be subject to all or some of the investment risks as detailed in the prospectus. Variable annuity accounts share the risks associated with the types of securities in which they directly or indirectly invest. An investment in a variable annuity account may be subject to all or some of the investment risks below. Please refer to corresponding Fact Sheet for additional risk factors. Past performance does not guarantee future results Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY C12965

15 TIAA-CREF FUNDS Equities Foreign As of 9/30/2017 TIAA-CREF Social Choice International Equity Fund Retail TSORX 87245R516 Retirement TSOEX 87245R490 Premier TSOPX 87245R482 Advisor TSOHX 87245R326 Institutional TSONX 87245R474 Top 10 Holdings 1 Holding Novartis AG 1.60 Roche Holding AG 1.52 TOTAL SA 1.16 Siemens AG 1.04 SAP SE 1.03 Commonwealth Bank of Australia 1.02 Allianz SE 1.00 GlaxoSmithKline PLC 0.97 BASF SE 0.95 Novo Nordisk A 0.89 Portfolio Composition 2 Sector Financials Industrials Consumer Discretionary Health Care Materials 8.83 Consumer Staples 8.81 Information Technology 5.64 Telecommunication Services 4.24 Energy 4.16 Utilities 3.81 Real Estate 3.74 Short-Term Investments, Other & Liabilities, Net 0.86 Hypothetical Growth of $10,000 Institutional Class The chart illustrates the performance of a hypothetical $10,000 investment on August 7, 2015 and redeemed on September 30, TIAA-CREF Social Choice International Equity Fund $11,398 MSCI EAFE Index $11,217 The total returns are not adjusted to reflect sales charges, the effects of taxation or redemption fees, but are adjusted to reflect actual ongoing expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs. Calendar Year Returns (%) Retail Retirement Premier Advisor Institutional MSCI EAFE Index Morningstar Foreign Large Blend Average DO NOT DELETE Average Annualized Total Returns (%) Inception Date $12,500 $11,500 $10,500 $9,500 $8,500 $7, /15 2/16 8/16 2/17 8/17 2/18 9/17 1 Year 2017 YTD Since Inception Retail 8/7/ Retirement 8/7/ Premier 8/7/ Advisor 12/4/ Institutional 8/7/ MSCI EAFE Index Morningstar Foreign Large Blend Average Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are cumulative. Returns assume reinvestment of dividends and capital gains. For performance current to the most recent month-end visit TIAA.org or call Performance shown for Benchmark Since Inception is as of the Fund s oldest share class. Retail Class shares are available for purchase through certain financial intermediaries or by contacting the Fund directly at or TIAA.org. Retirement Class and Premier Class shares are generally available for purchase through employee benefit plans or other types of savings plans or accounts. Advisor Class shares are available for purchase through certain financial intermediaries and employee benefit plans. Institutional Class shares are available for purchase directly from the Fund by certain eligible investors (which include employee benefit plans and financial intermediaries). DO NOT DELETE Expense Ratios (%) Retail Retirement Premier Advisor Institutional Gross Net A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ( capped ), currently or in the past, returns would have been lower. Expense Cap Expiration Date: February 28, Please see the prospectus for details. Important Information 1 The top 10 holdings are subject to change and may not be representative of the Fund's current or future investments. The holdings listed only include the Fund's long-term investments and may exclude any temporary cash investments and equity index products. Top holdings by issuer includes the underlying ordinary shares combined with any depositary receipts, preferred shares, contract for differences (CFDs), rights, options and warrants. The holdings listed should not be considered a recommendation to buy or sell a particular security. 2 Securities lending may be utilized, and in such cases the collateral is included in the Short-Term assets shown. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

16 As of 9/30/2017 Portfolio Strategies The Fund seeks a favorable long-term total return that reflects the investment performance of the overall international equity markets while giving special consideration to certain environmental, social and governance ("ESG") criteria. The Fund's evaluation process favors companies with leadership in ESG performance relative to their peers. Portfolio Statistics Portfolio Benchmark Portfolio Net $42.80 Million Weighted Average Market Cap ($B) $45.49 $62.20 P/E Ratio (1 Year Forecast) Turnover Ratio (As of 10/31/2016) 13.0% Number of Positions 381 This data relates to the portfolio and the underlying securities held in the portfolio. It should not be construed as a measure of performance for the Fund itself. Please refer to Portfolio Statistics Definitions Section. Top 5 Countries Country Japan United Kingdom France Germany 9.46 Switzerland 8.04 Learn More For more information please contact: Weekdays, 8 a.m. to 10 p.m. (ET) Saturday, 9 a.m. to 6 p.m. (ET) or visit TIAA.org Morningstar Rankings and Percentiles Morningstar Foreign Large Blend Category 1 Year Rank % Retail 402/ Retirement 406/ Premier 389/ Advisor 373/ Institutional 365/ Morningstar Ranking/Number of Funds in Category displays the Fund s actual rank within its Morningstar Category based on average annual total return and number of funds in that Category. The returns assume reinvestment of dividends and do not reflect any applicable sales charge. Absent expense limitation, total return would be less. Morningstar Percentile Rankings are the Fund's total return rank relative to all the funds in the same Morningstar category, where 1 is the highest percentile rank and 100 is the lowest percentile rank. Portfolio Management Jim Campagna, CFA, Managing Director, Global Equities, Quantitative Portfolio Management Manager Tenure = 2 Years Lei Liao, CFA, Managing Director, Global Equities, Quantitative Portfolio Management Manager Tenure = 2 Years About the Benchmark MSCI EAFE Index is a free float-adjusted market capitalization weighted index designed to measure developed market equity performance, excluding the U.S. and Canada. You cannot invest directly in any index. Index returns do not reflect a deduction for fees or expenses. The Morningstar Foreign Large Blend Average represents the average annualized total return for all reporting funds in the Category. A Note About Risks Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund s investment objectives will be achieved. The Fund will include only holdings deemed consistent with the applicable Environmental Social Governance (ESG) guidelines. As a result, the universe of investments available to the Fund will be more limited than other funds that do not apply such guidelines. ESG criteria risk is the risk that because the Fund s ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that don t use these criteria. Prices of equity securities may decline significantly over short or extended periods of time. Holdings selected by quantitative analysis may perform differently from the market as a whole based on the factors used in the analysis, the weighting of each factor, and how the factors have changed over time. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management, issuer, large-cap, and mid-cap risks, are described in detail in the Fund s prospectus. Before investing, carefully consider fund investment objectives, risks, charges and expenses. For this and other information that should be read carefully, please request a prospectus or summary prospectus from TIAA at or visit TIAA.org. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with his or her advisors. Portfolio Statistics Definitions Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. P/E Ratio of a stock is calculated by dividing the current price of the stock by its forecasted 12 months' earnings per share. The average of the price/earnings ratio of a fund is a weighted harmonic average of all the current P/E ratios (excluding negatives) of the stocks in the Fund's portfolio. This should not be construed as a forecast of the Fund s performance. Turnover Ratio is calculated by dividing the lesser of purchases or sales by the average value of portfolio assets during a period. Turnover is based on the portfolio s fiscal year end and is not annualized if the reporting period covers less than 12 months. Nuveen, LLC, formerly known as TIAA Global Asset Management, delivers the expertise of TIAA Investments and its independent investment affiliates. Nuveen Securities, LLC, member FINRA and SIPC, is a subsidiary of Nuveen, LLC INV-Q-01/18

17 Holdings Report As of 09/30/2017 Short-Term Investments MATURITY SECURITY NAME SHARES/PAR COUPON RATE MARKET VALUE DATE Federal Home Loan Bank Discount Notes 251, % 10/02/2017 $ 251, % 2017 Teachers Insurance and Annuity Association-College Retirement Equities Fund, 730 Third Avenue, New York, NY Intended for Institutional Use. C6114